Have you been approached by a Credit Repair company asking you to assist in having your customer’s credit history cleared?
At TCS, we are often approached by these companies. In most cases TCS has initiated legal action on your behalf and a Court Judgment has been recorded on your customer’s credit file as a result.
The Credit Repair company will often make comments along the lines “as the debt is now paid in full, we require you to sign a Consent Order to have the matter set aside”.
As we know, a customer’s credit file is designed to be an accurate account of that person’s credit and debt activity for the last 5 years. This is important information used by credit providers to determine the risk of that customer when they are considering granting credit. For this reason, we at TCS, feel it is important that information recorded on a credit report file accurately reflects the action taken to collect a debt.
By signing a Consent Order, you are agreeing to remove the Court action from that person’s credit file, effectively giving them a clean credit history.
Credit Repair companies will charge the customer a fee, which can be in the vicinity of $1000 and often paid up front. If a matter is genuinely recorded in error, the credit reporting body has an obligation to investigate the claim and amend or remove the entry – at no cost.
Our policy at TCS is that we will not sign Consent Orders unless the legal action was issued in error and every request from a Credit Repair company is thoroughly investigated to ensure this is the case.
If you receive a request from a Credit Repair company, and TCS has handled the debt on your behalf, you can forward the request to TCS at [email protected] and we will handle it for you.